JONES INDUSTRIALS.
WE ARE WATCHING THIS VERY
CLOSELY.
WHAT WE ARE GOING TO DO, BECAUSE
WHILE THEY ARE DEBATING THIS, WE
WILL PUT A NUMBER UP ON YOUR
SCREEN THAT REPRESENTS THE
GIGANTIC PROBLEM THAT BEFORE,
DURING AND AFTER THE GOVERNMENT
SHUTDOWN, WILL STILL BE
UNSOLVED.
THIS IS OUR NATIONAL DEBT CLOCK.
THE BALLOONING NATIONAL DEBT
CRISIS IS CURRENTLY ABOUT TO
TURN TO $22 TRILLION.
WE ARE AT $21.9 TRILLION RIGHT
NOW.
THE ECONOMY IS DOING VERY WELL
HERE IN THE U.S.
YOU JUST HEARD FROM MOHAMMED
EL-ERIAN.
HE'S NOT WORRIED ABOUT IT.
AT THE SAME TIME, WE HAVE THE
GOVERNMENT DEBT AND DEFICIT
EXPLODING.
WHY IS THIS THE POLITICAL NO
MAN'S LAND THAT NEITHER SIDE
WILL TACKLE?
MARK GOLDWINE IS TRYING TO GET
THEIR ATTENTION.
HE JOINS US LIVE FROM D.C.
EXCEPT FOR UNDER PRESIDENT
CLINTON WHEN WE HAD A SURPLUS,
DEMOCRATS WERE KNOWN AS THE TAX
AND SPEND PARTY.
NOW REPUBLICANS ARE KNOWN AS CUT
TAXES BUT STILL SPEND, TOO.
WHAT IS YOUR COMMITTEE DOING
RIGHT NOW TO GET ANYONE TO CARE?
>> WELL, LOOK, WE ARE SCREAMING
FROM THE ROOFTOPS.
THE FACT IS, THE DEFICIT IS
GOING TO APPROACH AND MAYBE
REACH $1 TRILLION THIS YEAR.
THAT'S HOW MUCH WE WILL BORROW
THIS YEAR ALONE.
INTEREST RATES ARE STARTING TO
GO UP, AND THIS IS AT A TIME THE
ECONOMY IS STRONG.
PEOPLE NEED TO START TAKING THIS
SERIOUSLY OR IT WILL BE TOO
LATE.
LIZ: OKAY.
ON OUR SCREEN NOW WE HAVE THE
FEDERAL BUDGET DEFICIT AT $94
BILLION.
THE DEBT IS AT NEARLY $22
TRILLION.
WHAT ARE YOU DOING BEYOND
SCREAMING?
HOW ARE YOU GETTING BOTH SIDES'
ATTENTION ON THIS?
BECAUSE WE ARE EXTREMELY
CONCERNED HERE AT FOX BUSINESS
ABOUT THIS, EVEN IF CONGRESS
ISN'T.
>> LOOK, THE FIRST STEP IS TO
END DEFICIT DENIAL.
THAT'S WHAT I CALL IT WHEN BOTH
PARTIES STICK THEIR HEADS IN THE
SAND.
THERE'S CRAZY NEW THEORIES ON
THE LEFT THAT WE CAN JUST PRINT
OUR WAY OUT OF THIS, CRAZY
THEORIES ON THE RIGHT THAT IF WE
CUT TAXES SOMEHOW THAT WILL
RAISE MORE REVENUE.
THE FIRST STEP IS TO RECOGNIZE
IT'S A PROBLEM.
THE SECOND STEP IS TO START TO
LOOK AT SOLUTIONS.
WE CAN START WITH THE EASY STUFF
LIKE LET'S CONTROL HEALTH CARE
COST GROWTH.
THAT MEANS SAVINGS FOR THE
FEDERAL GOVERNMENT BUT ALSO FOR
INDIVIDUALS.
LET'S FIX THE TAX CODE, MAKE
SOME IMPROVEMENTS TO THE TAX
REFORM BILL SO THERE'S NOT SO
MANY LOOPHOLES.
WE CAN START WITH THE EASY
STUFF.
BUT WE NEED TO START SOMEWHERE
AND FAST.
LIZ: WE UNDERSTAND AND
DEFINITELY FEEL FOR THE
GOVERNMENT WORKERS WHO ARE NOT
GETTING PAID RIGHT NOW, AND
WHETHER THIS IS RIGHT OR WRONG,
I'M NOT HERE TO DECIDE, BUT
THERE ARE PEOPLE WHO DON'T FEEL
IT RIGHT NOW AND ARE SAYING
WELL, WE ARE ACTUALLY DOING WELL
NOT PAYING ALL OF THESE PEOPLE.
WE HAVE A BLOATED GOVERNMENT
ANYWAY.
IT HARKENS BACK TO THE
SEQUESTRATION WHEN PRESIDENT
OBAMA, YOU KNOW, THIS KICKED IN
WHERE THERE WERE MASSIVE
SPENDING CUTS BECAUSE OF
DISAGREEMENTS IN CONGRESS AND
THERE WAS AN EFFORT TO END
SEQUESTRATION BY DIALING BACK
THE SPENDING CUTS THAT DIVIDED
SOME REPUBLICANS.
SO BACK THEN WE REALIZED WELL,
WASN'T THE MOST HORRIBLE THING
EITHER.
HOW MUCH CUTTING CAN WE AFFORD
TO DO?
>> I THINK A LOT BECAUSE I THINK
WHAT PEOPLE DON'T REALIZE, WE
DID END SEQUESTRATION.
NOT ONLY DID WE END IT BUT
ACTUALLY WE INCREASED SPENDING
ABOUT $60 BILLION ABOVE ENDING
SEQUESTRATION.
$150 BILLION A YEAR IN SPENDING
INCREASES.
WE CERTAINLY DID NOT NEED THAT
16% INCREASE TO DISCRETIONARY
SPENDING.
I THINK THERE'S A LOT TO CUT
JUST TO GET US BACK TO SAY 2017
LEVELS.
BUT THE REAL MONEY IS IN THE
HEALTH AND RETIREMENT PROGRAMS.
SOCIAL SECURITY, MEDICARE AND
MEDICAID ARE THE LARGEST AND
FASTEST GROWING --
LIZ: PRESIDENT TRUMP SAYS HE
WON'T TOUCH THEM.
WILL HE BE FORCED TO?
>> IT'S REALLY UNFORTUNATE.
I THINK PRESIDENT TRUMP HAS MADE
SOME IMPROVED EFFORT TO TALK
ABOUT MEDICARE COST CONTROL,
ESPECIALLY PRESCRIPTION DRUGS,
BUT IT'S REALLY UNFORTUNATE THAT
HE CONTINUES TO BE UNWILLING TO
TALK ABOUT SOCIAL SECURITY OR
THE REAL STRUCTURAL HEALTH CARE
CHANGES THAT WE ARE GOING TO
NEED SOONER OR LATER.
LIZ: WELL, PRESIDENT OBAMA
DIDN'T DO IT EITHER.
THAT REALLY TOUCHES AMERICANS,
THEY SAY THEY DON'T WANT
GOVERNMENT INVOLVED IN THEIR
LIVES BUT THEN IT'S DON'T TOUCH
MY MEDICARE, DON'T TOUCH MY
MEDICAID, AND IT IS A BLOATED
SYSTEM AT THE MOMENT.
WHAT'S YOUR BEST HOPE?
>> LOOK, WE HAVE A DEADLINE
BUILT IN FOR SOCIAL SECURITY.
IN 15 YEARS THE TRUST FUND RUNS
OUT.
THAT'S WHEN THE YOUNGEST
RETIREES ARE 77.
IT'S NOT THAT FAR FROM NOW.
SO I THINK OUR BEST HOPE IS A
LEADER, A PRESIDENT THAT'S GOING
TO SAY WE NEED TO SAVE SOCIAL
SECURITY, WE NEED TO STOP WHAT
WOULD BE A 22% ACROSS THE BOARD
BENEFIT CUT, AND PREVENT THE
TRUST FUND FROM BASICALLY BEING
BANKRUPT.
LIZ: I JUST WANT TO TELL OUR
VIEWERS THAT WE HAVE COME WELL
OFF THE LOWS OF MORE THAN 450
POINTS.
WE ARE NOW DOWN 314 ON WORD THAT
THE GOVERNMENT, THE SENATE SAYS
IT'S GOING TO SET A DATE,
THURSDAY, RIGHT, BRAD?
FOR THE SHUTDOWN VOTE, TO END
THE SHUTDOWN.
WE HEARD YESTERDAY FROM THE AIR
TRAFFIC CONTROLLERS GROUP, I
WANT YOU TO HEAR WHAT HE SAID,
THEN YOU CAN TELL ME HOW YOU SEE
THIS COMING TO AN END.
>> SOME ARE GOING PAYCHECK TO
PAYCHECK AND ARE DEEP ON CREDIT
CARDS RIGHT NOW JUST TO PUT GAS
IN THE CAR TO GET TO WORK.
NOW THEY HAVE TO MAKE A
DECISION, DO I CONTINUE TO PUT
THE GAS IN THE CAR OR DO I
ACTUALLY PUT FOOD ON THE TABLE
FOR MY CHILDREN.
LIZ: WHAT WOULD YOU SAY TO BOTH
SIDES HERE ABOUT THIS GOVERNMENT
SHUTDOWN?
>> LOOK, THE SHUTDOWN IS
WASTEFUL, IT'S NOT PRODUCING
ANYTHING, IT'S ECONOMICALLY
DAMAGING AND IT'S TIME TO PUT IT
TO AN END AND TALK ABOUT THE
REAL ISSUES, FOR EXAMPLE, OUR
$22 TRILLION OF NATIONAL DEBT.
LIZ: I KNOW.
I HATE SEEING THAT NUMBER.
BY THE WAY, WHEN YOU LOOK AT THE
ACTUAL REVENUE THAT'S COMING IN,
FEDERAL TAX REVENUE, $3.3
TRILLION BUT OF COURSE, WE'VE
GOT FEDERAL SPENDING AT $4.1